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Restatement of Previously Issued Unaudited Condensed Financial Statements (Tables) | 6 Months Ended
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Jun. 30, 2023
Restatement of Previously Issued Unaudited Condensed Financial Statements |
Schedule of Restatement of Previously Issued Unaudited Condensed Financial Statements | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of June 30, 2022
​ | ​ | (unaudited)
​ |  | As |  | Restatement |  | As
​ | ​ | Reported | ​ | Impacts | ​ | Restated
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets: |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 35,974,251 | ​ | $ | ​ | ​ | $ | 35,974,251
Prepaid expenses and other current assets | ​ |  | 551,072 | ​ |  | 3,441,895 | ​ |  | 3,992,967
Deferred clinical materials | ​ |  | — | ​ |  | — | ​ |  | —
Total current assets | ​ |  | 36,525,323 | ​ |  | 3,441,895 | ​ |  | 39,967,218
Total assets | ​ | $ | 36,525,323 | ​ | $ | 3,441,895 | ​ | $ | 39,967,218
Liabilities and Stockholders' Equity | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Current liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Accounts payable | ​ | $ | 901,841 | ​ | $ | ​ | ​ | $ | 901,841
Accrued expenses | ​ |  | 397,544 | ​ |  | ​ | ​ |  | 397,544
Total current liabilities | ​ |  | 1,299,385 | ​ |  | — | ​ |  | 1,299,385
Total liabilities | ​ | $ | 1,299,385 | ​ | $ | — | ​ | $ | 1,299,385
Commitments and contingencies (Note 7) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Stockholders' equity: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Preferred stock - $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding | ​ |  | — | ​ |  | ​ | ​ |  | —
Common stock - $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | ​ |  | 816 | ​ |  | ​ | ​ |  | 816
Additional paid-in capital | ​ |  | 78,563,673 | ​ |  | ​ | ​ |  | 78,563,673
Accumulated deficit | ​ |  | (43,338,551) | ​ |  | 3,441,895 | ​ |  | (39,896,656)
Total stockholders' equity | ​ |  | 35,225,938 | ​ |  | 3,441,895 | ​ |  | 38,667,833
Total liabilities and stockholders' equity | ​ | $ | 36,525,323 | ​ | $ | 3,441,895 | ​ | $ | 39,967,218
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, 2022
​ | ​ | As | ​ | Restatement | ​ | As
​ |  | Reported |  | Impacts |  | Restated
Operating expenses: |  | ​ |  |  | ​ |  |  | ​ |
Research and development | ​ | $ | 6,815,708 | ​ | $ | (2,781,745) | ​ | $ | 4,033,963
General and administrative | ​ |  | 1,938,447 | ​ |  | — | ​ |  | 1,938,447
Total operating expenses | ​ |  | 8,754,155 | ​ |  | (2,781,745) | ​ |  | 5,972,410
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating loss | ​ |  | (8,754,155) | ​ |  | 2,781,745 | ​ |  | (5,972,410)
Other income: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest income | ​ |  | 36,024 | ​ |  | — | ​ |  | 36,024
Grant Income | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Total other income | ​ |  | 36,024 | ​ |  | — | ​ |  | 36,024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss before income taxes | ​ |  | (8,718,131) | ​ |  | 2,781,745 | ​ |  | (5,936,386)
Income tax expense (benefit) | ​ |  | — | ​ |  | — | ​ |  | —
Net loss | ​ | $ | (8,718,131) | ​ | $ | 2,781,745 | ​ | $ | (5,936,386)
Basic and diluted loss per common share | ​ | $ | (1.07) | ​ |  | — | ​ | $ | (0.73)
Weighted average number of common shares outstanding, basic and diluted | ​ |  | 8,163,923 | ​ |  | — | ​ |  | 8,163,923
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, 2022
​ | ​ | As | ​ | Restatement | ​ | As
​ |  | Reported |  | Impacts |  | Restated
Operating expenses: |  | ​ |  |  | ​ |  |  | ​ |
Research and development | ​ | $ | 9,625,499 | ​ | $ | (3,441,895) | ​ | $ | 6,183,604
General and administrative | ​ |  | 5,042,518 | ​ |  | — | ​ |  | 5,042,518
Total operating expenses | ​ |  | 14,668,017 | ​ |  | (3,441,895) | ​ |  | 11,226,122
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating loss | ​ |  | (14,668,017) | ​ |  | 3,441,895 | ​ |  | (11,226,122)
Other income: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest income | ​ |  | 55,673 | ​ |  | — | ​ |  | 55,673
Grant Income | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Total other income | ​ |  | 55,673 | ​ |  | — | ​ |  | 55,673
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss before income taxes | ​ |  | (14,612,344) | ​ |  | 3,441,895 | ​ |  | (11,170,449)
Income tax expense (benefit) | ​ |  | — | ​ |  | — | ​ |  | —
Net loss | ​ | $ | (14,612,344) | ​ | $ | 3,441,895 | ​ | $ | (11,170,449)
Basic and diluted loss per common share | ​ | $ | (1.79) | ​ |  | — | ​ | $ | (1.37)
Weighted average number of common shares outstanding, basic and diluted | ​ |  | 8,160,702 | ​ |  | — | ​ |  | 8,160,702
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, 2022
​ | ​ | As | ​ | Restatement | ​ | As
​ | ​ | Reported | ​ | Impacts | ​ | Restated
Cash flows from operating activities: |  | ​ |  |  |  |  | ​ |
Net loss | ​ | $ | (14,612,344) |  | 3,441,895 | ​ | $ | (11,170,449)
Adjustments to reconcile net loss to net cash used in operating activities: | ​ |  |  |  |  | ​ |  |
Stock-based compensation expense | ​ | ​ | 5,338,705 |  | — | ​ | ​ | 5,338,705
Changes in operating assets and liabilities: | ​ | ​ |  |  |  | ​ | ​ |
Prepaid expenses and other current assets | ​ | ​ | (235,608) |  | (3,441,895) | ​ | ​ | (3,677,503)
Accounts payable | ​ | ​ | 213,767 |  | — | ​ | ​ | 213,767
Accrued expenses | ​ | ​ | (420,896) |  | — | ​ | ​ | (420,896)
Net cash used in operating activities | ​ | ​ | (9,716,376) |  | — | ​ | ​ | (9,716,376)
Cash flows from financing activities: | ​ | ​ |  |  |  | ​ | ​ |
Proceeds from exercise of stock options | ​ | ​ | 4,613 |  | — | ​ | ​ | 4,613
Net cash used in financing activities | ​ | ​ | 4,613 |  | — | ​ | ​ | 4,613
Net (decrease) increase in cash and cash equivalents | ​ | ​ | (9,711,763) |  | — | ​ | ​ | (9,711,763)
Cash and cash equivalents, beginning of period | ​ | ​ | 45,686,014 |  | — | ​ | ​ | 45,686,014
Cash and cash equivalents, end of period | ​ | $ | 35,974,251 |  | — | ​ | $ | 35,974,251

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